Governor Kathy Hochul has announced that New York State ranked #1 nationwide in the use of Historic Rehabilitation Tax Credits in 2024, driving over $2.8 billion in economic activity and fueling the creation of affordable housing across the state.
According to the National Park Service, 154 building projects were completed, underway, or in planning last year—more than double the number in Ohio and Texas. Since 2019, New York has completed 491 rehabilitation projects, totaling $5.06 billion in investment.
A growing share of these efforts is focused on housing:
- 106 projects since 2022 have created 1,757 new affordable units
- 2,412 existing units have been restored
The 2025 budget expands access to the tax credit by lifting location restrictions when affordable housing is the goal. Eligible property owners may now qualify for up to 30% in state credits and 20% in federal credits, capped at $5 million per building.
Officials say the program is revitalizing communities, preserving architectural heritage, and creating jobs. Preservation League President Jay DiLorenzo called the expansion “transformational,” noting its impact on housing, sustainability, and local economies.